格隆汇2月12日丨新宝股份(002705.SZ)在投资者互动平台表示，公司印尼生产基地核心管理人员以国内 人员为主。 ...

Company Status - The company will hold a board meeting on December 22, 2025, to review changes in its business scope, including the addition of manufacturing and sales of commercial, dining, and service-specific equipment, and to revise its articles of association and compensation system. These proposals will be submitted for review at a temporary shareholders' meeting on January 8, 2026 [2] Project Progress - The company plans to allocate surplus fundraising of 25.36 million yuan from the "die-casting small home appliance construction project" to the "brand marketing management center construction project," which has been approved by the board of directors with no objections from the sponsoring institution [3] Subsidiary Development - The second manufacturing base in Indonesia began production in 2025. Although the overall costs are currently high, it is expected to contribute to the improvement of the global production capacity layout in the long term [4] Performance and Operating Conditions - For the period from January to September 2025, the company reported operating revenue of 12.28 billion yuan, a year-on-year decrease of 3.20%, and a net profit attributable to shareholders of 841 million yuan, a year-on-year increase of 7.13%. As of January 20, 2026, the number of shareholders was 28,000, a decrease of 1.20% from the previous period [5]

Group 1 - The core point of the article is that Xinbao Co., Ltd. (002705) reported its shareholder statistics as of February 10, 2026, indicating a total of 29,059 shareholders, including 3,407 institutional accounts [1] Group 2 - The company has a significant number of institutional investors, which may indicate a level of confidence in its performance and future prospects [1] - The data reflects the company's shareholder structure, which can be important for understanding its market position and potential for growth [1] - The information was provided in response to investor inquiries on an interactive platform, highlighting the company's engagement with its investors [1]

Rocket Launch - Huabao New Energy's outdoor power supply products have been widely applied in various high-difficulty off-grid power scenarios, including domestic rocket launches [1] - Taisheng Wind Power's rocket storage tank project is expected to officially start production by mid-2026 [1] Battery - Toxin Pharmaceutical currently does not have products or business related to brain-computer interface fields [1] Photovoltaics - Zerun New Energy has not yet conducted research and development on solar wing junction boxes [1] Media - Bona Film Group is involved in the production of "Fast and Furious 3," which is scheduled for nationwide release during the 2026 Spring Festival [1] Other - Taihe Technology's renovation of its original lithium iron phosphate production facility is expected to achieve an annual production capacity of 10,000 tons of sodium iron phosphate [1] - Li'ang Technology will continue to increase R&D investment in computing power, cloud computing, and cloud services [1] - Xinwei Communication currently holds a 15% stake in Xinwei Electric Science [1] - Boss Software is still held by Linzhi Tencent [1] - Xinke Mobile's satellite internet business is still in the investment phase [1] - Beijing Junzheng's new process products are expected to begin large-scale sales starting in the first quarter [1] - Xinbao Co.'s self-branded coffee machine Barsetto has a small domestic sales proportion [1]

Core Viewpoint - The company, Xinbao Co., Ltd., has a strong position in the domestic coffee machine export market and is recognized for its Barsetto brand, although domestic sales currently represent a small portion of overall sales [2] Group 1: Company Performance - Xinbao Co., Ltd. ranks among the top in domestic coffee machine exports [2] - The Barsetto brand has shown good performance in domestic sales and has gained a certain level of recognition in the coffee machine sector [2] - The majority of the company's business is focused on export, with Barsetto's domestic sales accounting for a small percentage of total sales [2]

Group 1 - The core business of the company is the research, production, and sales of small home appliances, with a focus on smart products as a direction for industry development [1] - The overall sales scale of the company's smart appliance products is currently still very small [1]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

Core Viewpoint - The company, Xinbao Co., Ltd. (002705.SZ), is actively engaged in the coffee machine market, with a strong focus on export business while also developing its domestic brand, Barsetto. Group 1: Coffee Machine Business Performance - The company's coffee machine export business ranks among the top in the domestic market [2] - The Barsetto brand has shown good performance in domestic sales and has gained a certain level of recognition in the coffee machine sector [2] - However, the domestic sales revenue from Barsetto currently constitutes a small proportion of the company's overall sales [2]

Core Viewpoint - The company is focusing on high-intelligence gardening tools as a future product expansion direction, with specific emphasis on fully automatic lawn mowers currently in the technology research and development phase [1] Group 1 - The company has indicated that high-intelligence gardening tools are among its future product expansion directions [1] - The fully automatic lawn mower is highlighted as a key product under development [1] - Collaboration with all customers is contingent upon the market launch of the products [1]

Core Viewpoint - The company Xinbao Co., Ltd. (002705.SZ) indicates that its current smart appliance products are primarily based on export orders, and the overall sales scale remains relatively small [1] Group 1 - The company has launched smart appliance products [1] - The majority of the sales for these products are derived from export orders [1] - The overall contribution of these products to total sales is still minor [1]